Penumbra (NYSE:PEN) Rating Reiterated by Needham & Company LLC

Penumbra (NYSE:PEN)‘s stock had its “hold” rating reiterated by equities research analysts at Needham & Company LLC in a research note issued on Wednesday, Benzinga reports.

Other analysts also recently issued research reports about the company. TheStreet upgraded Penumbra from a “d+” rating to a “c-” rating in a research note on Friday, January 12th. JPMorgan Chase & Co. downgraded Penumbra from an “overweight” rating to a “neutral” rating and lowered their price target for the company from $284.00 to $250.00 in a report on Friday, February 23rd. Truist Financial reduced their price objective on shares of Penumbra from $290.00 to $280.00 and set a “buy” rating for the company in a research note on Friday, March 22nd. Royal Bank of Canada reiterated an “outperform” rating and issued a $289.00 target price on shares of Penumbra in a research note on Friday, February 23rd. Finally, Canaccord Genuity Group reissued a “buy” rating and set a $284.00 target price on shares of Penumbra in a research report on Friday, February 23rd. Four equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. According to data from MarketBeat, Penumbra has an average rating of “Moderate Buy” and an average price target of $304.45.

Penumbra Trading Down 0.8 %

NYSE:PEN opened at $210.00 on Wednesday. The company has a debt-to-equity ratio of 0.02, a quick ratio of 3.49 and a current ratio of 6.06. The company has a market capitalization of $8.14 billion, a P/E ratio of 90.91, a P/E/G ratio of 2.06 and a beta of 0.57. The stock’s 50 day moving average price is $221.64 and its 200 day moving average price is $232.02. Penumbra has a 52 week low of $180.93 and a 52 week high of $348.67.

Penumbra (NYSE:PEN) last released its quarterly earnings results on Tuesday, May 7th. The company reported $0.41 earnings per share for the quarter, missing analysts’ consensus estimates of $0.42 by ($0.01). The business had revenue of $278.70 million for the quarter, compared to the consensus estimate of $274.94 million. Penumbra had a net margin of 8.59% and a return on equity of 7.49%. The firm’s revenue for the quarter was up 15.5% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.23 EPS. On average, research analysts forecast that Penumbra will post 2.85 EPS for the current fiscal year.

Insider Activity at Penumbra

In other Penumbra news, EVP Johanna Roberts sold 600 shares of Penumbra stock in a transaction on Monday, April 1st. The shares were sold at an average price of $217.07, for a total transaction of $130,242.00. Following the sale, the executive vice president now owns 64,281 shares in the company, valued at $13,953,476.67. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In related news, Director Don W. Kassing sold 170 shares of the firm’s stock in a transaction that occurred on Monday, April 1st. The stock was sold at an average price of $223.18, for a total transaction of $37,940.60. Following the completion of the transaction, the director now owns 1,175 shares in the company, valued at approximately $262,236.50. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, EVP Johanna Roberts sold 600 shares of the company’s stock in a transaction on Monday, April 1st. The shares were sold at an average price of $217.07, for a total value of $130,242.00. Following the completion of the sale, the executive vice president now owns 64,281 shares in the company, valued at $13,953,476.67. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 9,648 shares of company stock worth $2,369,903. 5.00% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Penumbra

Several institutional investors and hedge funds have recently made changes to their positions in the company. Norges Bank acquired a new position in shares of Penumbra in the 4th quarter worth approximately $85,222,000. Rock Springs Capital Management LP grew its holdings in shares of Penumbra by 37.6% during the third quarter. Rock Springs Capital Management LP now owns 503,750 shares of the company’s stock worth $121,862,000 after purchasing an additional 137,750 shares during the last quarter. Braidwell LP increased its stake in shares of Penumbra by 133.7% in the fourth quarter. Braidwell LP now owns 222,792 shares of the company’s stock valued at $56,041,000 after buying an additional 127,477 shares in the last quarter. Allspring Global Investments Holdings LLC raised its holdings in shares of Penumbra by 81.4% in the third quarter. Allspring Global Investments Holdings LLC now owns 222,279 shares of the company’s stock valued at $53,772,000 after buying an additional 99,754 shares during the last quarter. Finally, TD Asset Management Inc lifted its position in Penumbra by 81.8% during the 3rd quarter. TD Asset Management Inc now owns 131,734 shares of the company’s stock worth $31,868,000 after buying an additional 59,266 shares in the last quarter. Institutional investors and hedge funds own 88.88% of the company’s stock.

About Penumbra

Penumbra, Inc, together with its subsidiaries, designs, develops, manufactures, and markets medical devices in the United States and internationally. The company offers peripheral products, including the Indigo System for power aspiration of thrombus in the body; Lightning Flash, a mechanical thrombectomy system; Lightning Bolt 7, an arterial thrombectomy system; and CAT RX.